Caesars Entertainment closed $3 billion in new senior secured credit facilities consisting of a new $750 million senior secured term loan and a new $2.25 billion senior secured revolving credit facility resulting from an increase and extension to Caesars' existing revolving credit facility. Concurrently with the closing of the Senior Credit Facilities, Caesars retired Caesars Resort Collection, LLC's ("CRC") existing revolving credit facility and used the proceeds of the Term A Loan to prepay $750 million of CRC's existing term B loans due December 2024.

The interest rate under the Senior Credit Facilities is the forward-looking term rate based on the secured overnight financing rate (Term SOFR) plus an adjustment of 10 basis points plus an applicable margin of 225 basis points, which applicable margin is subject to three 25 basis point step-downs based on the achievement of certain net total leverage ratios.

Bret Yunker, Chief Financial Officer of Caesars Entertainment, Inc. commented, "We are excited to complete this new financing and greatly appreciate the support of our 16 domestic and international banking partners. This refinancing transaction will reduce interest expense while also extending debt maturities."

Latham & Watkins, LLP served as legal counsel for Caesars and JPMorgan Chase Bank, N.A. will continue to serve as administrative agent.